Highest Recorded Sports Betting Revenue in Louisiana Hits $356 Million in November
Expansion in Louisiana's Online Sports Betting Market: ESPN BET and bet365 Enter the Fray
The sports betting landscape in Louisiana has seen a significant shift with the entry of two major players, ESPN BET and bet365, into the market. These launches, which took place in November 2023, have added to the competitive landscape and expanded the choices available for sports bettors in the state.
ESPN BET and bet365 Make Their Mark
ESPN BET, a joint venture between ESPN and PENN Entertainment, launched on November 14, 2023, in Louisiana as part of a broader rollout across multiple states [3][5]. Bet365, on the other hand, entered the Louisiana market around November 2023 [2].
Fluctuations in the Sports Betting Handle
Following these launches, Louisiana's monthly sports betting handle showed some fluctuations. The state reported a handle of $172.2 million in July 2024, which reflected a 13% drop from June 2024's $212 million handle, yet it was still substantially higher than the same month in 2023 by over 40% (July 2024 handle vs. July 2023) [1]. This indicates overall growth year-over-year despite some month-to-month dips.
Record-Breaking Winnings and Taxes
The total parlay winnings for operators in Louisiana in November were approximately $13.7 million, less than half the record $27.4 million from October [4]. However, the state collected more than $3.2 million in taxes in November [6]. The total sports betting handle in Louisiana for November was $356.5 million, placing it 9th in the nation [7]. For the first time, wagering through mobile betting apps in Louisiana topped $300 million in November [7].
Notable Market Entries and Exits
There were also notable market entries and exits in 2024, including Fanatics entering (Aug 2024) and Betway exiting, reflecting an evolving market landscape [1][2].
Impact on the Sports Betting Market
While the precise impact on the overall wagering handle is not clear, the launches of ESPN BET and bet365 have likely contributed to increased promotional spend in November [4]. The launch of ESPN BET brought large bonus offers aimed at attracting new bettors, likely helping to stimulate betting activity for that platform specifically [3][5].
As of now, the total handle in Louisiana since launch is about $102 million shy of $5 billion. The house made more than $688,000 in soccer winnings in November, more than three times what they cleared in October [7]. The collective hold in November was 8.2%, the lowest of the year, resulting in $29.3 million in gross revenue [7]. Operators in Louisiana paid out nearly $1.6 million more than they accepted in wagers in November, marking their biggest loss of the year [7].
The total parlay winnings for the house in 2023 is nearly $25 million more than the full-year 2022 total [8]. The Louisiana Gaming Control Board reported a record monthly sports wagering handle of $356.5 million in November [8]. The positive swing in revenue this November has sent year-over-year revenue totals surging, with $310.2 million in gross revenue heading into the final month of 2023 [8].
The year-to-date handle in Louisiana has surpassed $2.5 billion, up 23.2% compared to the first 11 months of last year [8]. The total handle in the "other" category, which includes golf, tennis, boxing, MMA, and motorsports, accounted for $1.4 million in winnings in November [4]. The retail sportsbooks handled $33.5 million in November, the second-highest total of 2023 [8].
Limited Spend for bet365
It's worth noting that bet365, which has shown little restraint when launching elsewhere, is limited to a $5 million annual spend in Louisiana [9].
In conclusion, while the launches of ESPN BET and bet365 expanded the sports betting choices available and brought new promotional activity to Louisiana, the state's sports wagering handle experienced typical volatility month-to-month but continued an overall upward trend year-over-year through 2024. No specific data attribute precise wager handle growth exclusively to these two sportsbooks, but their entry likely contributed positively to market expansion and consumer engagement in the state [1][2][3].
- The entry of ESPN BET and bet365 into Louisiana's online sports betting market has expanded the choices available for sports bettors, adding to the competitive landscape.
- The sports betting landscape has seen a significant shift with the expansion into education-and-self-development platforms, as illustrated by the joint venture between ESPN and PENN Entertainment, known as ESPN BET.
- In the realm of finance and lifestyle, the introduction of new operators like ESPN BET and bet365 has led to an increase in promotional spend, aiming to attract new bettors and stimulate betting activity.
- The convergence of sports betting, technology, and entertainment can be observed in the novel approaches taken by these new operators, such as ESPN BET offering large bonus offers to attract new customers.
- The online sports betting market has witnessed a wave of expansion, reflected in the entrance of major players like ESPN BET and bet365, which has directly affected the casino-and-gambling sector.
- As the landscape of sports betting continues to evolve, understanding the impact of key developments, such as the entry of ESPN BET and bet365, is essential for stakeholders and analysts in the fields of sports, technology, finance, and entertainment.
